How Do You Cash In A Life Insurance Policy?
0 POINTSContact Meview profileDavid RacichPROFountain Hills, ArizonaYou Cash In your Life Insurance Policy with serious consideration before doing it. There may be ramifications to its termination. Cashing in your life insurance policy will terminate coverage for your beneficiaries. Cashing in your policy with gain in the contract will cause an ordinary income taxable event. Cashing in your policy with outstanding policy loans or internal policy loans in the contract could also trigger an ordinary income taxable event.Answered on June 8, 2013+01+1 this answer
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63333 POINTSview profilePeggy MaceMost of the U.S.To cash in a life insurance policy, it is a good idea to start by contacting the agent who sold it to you, or another life insurance agent you trust. There are options besides cashing in a policy that can possibly save you money and be a more economical move for you, and a trusted agent can explain those choices to you so you can make an educated choice. If you still decide to cash it in, your agent can assist you with that, as well.Answered on June 8, 2013flag this answer
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